I make a significant amount of rock, and I do it really inexpensively. It has worked very well, and I'm getting ready to start another tank in a few months, so I actually have several batches curing right now.
First, you *will* need a few pieces of wild rock. If not wild, then try to get a few small pieces from several different established aquariums. A cup or so of sand from the different aquariums will help also. The only difference between baserock and liverock is time. Sometimes I think the "liverock" in the LFS looks more like baserock.
The rock itself is actually made from a combination of crushed oyster shell, sand, and Type II cement. The crushed oyster shell can be found in 50 and 100 lbs bags (at least in my area) at any good feed store. It's used as a supplement for chickens. I happen to live in hickville, so finding it is easy. I also throw in crushed seashells, and while I haven't tried it yet, I hear that shredded plastic 2 litre bottles are another excellent additive (I've been meaning to try it).
Cruise to the LFS and ask for the styrofoam boxes they get LS shipments in. I make my rock in the boxes, and then set them in the garage to cure. Once the concrete has cured, they go into a kiddie pool for at least two months to leach. I change the water in the pool rather frequently (it's inline in an irrigation system at a friends ranch, again, it's sometimes good to live in hickville).
The really cool part about the rock is that it's completely porous. Water just flows right through it. It's pretty solid, although thinner bits do break. Just toss them back in to the next batch of slurry for even larger pores.
I've found the best shapes come from making lattices out of the slurry. Just kinda alternate strands of slurry with filling in raw oyster shell. Email me for better directions. When it cures, it looks like a huge solid lump. But hit it for a while with the hose, and the unconcreted oyster shell gets washed away, and you're left with a rock with tons of little caves and holes. Further sculpting can be done (I use a hammer) by chipping away additional bits.
Other good shapes are plates, branches and arches. I tried to make a couple of tables once, but the legs broke off under load.
Here's the best part. Crushed oyster shell is about $.05 per lbs. The Type II cement is regular HD stuff, at about $.02 per lbs. I figure it costs me less than $.10 per lbs in materials, but we won't discuss time.
I would *strongly* recommend you try it. It's easy, cheap, and fun. Another reefer and I get together to make it. A small percentage of our efforts have actually ended up in real tanks (and none of the first several sets: major suckage). But I've almost got the assemblage ready for the 125 I keep dreaming about (thank you electric bill, at least the wife thanks you
).
Speaking of this topic, here's an idea I've been kicking around. I was thinking of making a rock up in the corner of the box, so that it had two perfect sides at 90 degrees, to sit about an inch away from the corner of my tank (for glass cleaning). I'm trying to build the rock structure upwards. Do you think this is a good idea? The rock is porous enough it shouldn't impede all water flow.